![]() ![]() Most of those titans remain unreimbursed.Īs announced early this morning by CCP, a "tax holiday" was announced for all NPC stations - most notably Jita, where all trading happens. Only enough shares were issued to raise 5 trillion isk - and even that small share amount did not sell through, despite apparent belief that there would be such demand that a process was announced for how to refund excess isk raised.Įstimates are that TEST was able to raise a small fraction of the five trillion it issued shares for - a substantial debt for an already insolvent alliance, but a resounding rejection by the market given that TEST had lost a minimum of 95 titans (between the two battles), with an additional 42 "ghost" titans that may or may not have died causing TEST to need a minimum of 7.6 trillion for reimbursements of their definitive titan losses alone (at 80b isk per titan) - let alone their lost supercarriers and the "ghost" titans that actually died.Įnough isk to reimburse TEST's lost titans was, apparently, not available at any price as a result of TEST's long history of poor decisions, their recent history of poor decisions, and their immediately prior poor decisions. TEST's ongoing inability to replace their lost titans seven months later (approximately seven months after all goonswarm-aligned titans were reimbursed) indicates that there was marginal at best demand. Unfortunately, due to the long poor credit history and the inability of TEST bondholders to directly collect against their collateral, the bond issuance failed. As TEST announced, TEST did "not have enough liquid isk to cover all of the titan losses we’ve just incurred." TEST was aware that - like goonswarm had done already (leading to TEST's embarrassing loss in the second battle of M2) - to be a credible nullsec power they "must replace our titans as quickly as possible and keep pace with others." The bond was precipitated by TEST's massive losses in the second battle of M2-, where the only TEST titans that did not die that jumped into M2- were the ones that didn't make it in due to server issues. Further, as TEST had historically refused to share any of its TTT share with its allies, hangers-on, and anyone outside TEST leadership, there were few existing demands on that income stream. This asset had real value in the market because it was considered removed from TEST's general miasma of incompetence: it was overseen by alliances with a history of basic ability to do math, and it required little ongoing management by TEST thus giving minimal chances for TEST mismanagement to cause losses. The event causing the issuance of TEST warbonds - the M2- Massacre - was generally considered a paradigmatic example of all three: choosing to jump nearly all of TEST's capitals into an overloaded node, directly into a cloud of fighter-bombers - but, of course, not risking the personal faction titans of TEST leadership.īecause of its poor credit history TEST pledged its only asset of real worth: shares in the Tranquility Trading Tower (often called the TTT). This article has been viewed 900,850 times.Good evening, we have a special report from DebtWire, analyzing TEST's warbond issuance - called "dinobux" - in light of the recent change to highsec tax structures that has caused what little confidence existed in TEST warbonds to evaporate.Īs market participants know, upon release TEST warbonds were rated CCC- on announcement, due to TEST's long history of bankruptcy, corporate embezzlement and malfeasance, and general incompetence. There are 12 references cited in this article, which can be found at the bottom of the page. She also teaches at the Boca Raton Museum Art School - formerly at SVA in Manhattan. Renée has even painted a portrait of celebrity, Vanilla Ice. She has garnered numerous awards including “Artist of the Year” from The Bloomfield Art League and First Prize from the Boca Raton Museum Artist’s Guild. Renée is featured in over 68 shows and galleries including a one-woman museum show at the Paterson Museum. She has studied under internationally renowned portrait artists John Howard Sanden, David Leffel, Robert Beverly Hale, Clyde Smith, and Leonid Gervits. With over 50 years of experience, Renée specializes in painting realistically in oil and capturing the soul of the person. Renée Plevy is an Internationally Acclaimed Portrait Artist from New York/Palm Beach who has painted The Grand Dames of Palm Beach and various celebrities and community leaders. This article was co-authored by Renée Plevy and by wikiHow staff writer, Hunter Rising. ![]()
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